California Public Employees Retirement System decreased its holdings in Veeco Instruments Inc. (NASDAQ:VECO) by 2.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 137,448 shares of the semiconductor company’s stock after selling 3,392 shares during the period. California Public Employees Retirement System owned about 0.28% of Veeco Instruments worth $2,941,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Veeco Instruments by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,167,222 shares of the semiconductor company’s stock valued at $116,057,000 after purchasing an additional 554,206 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Veeco Instruments by 15.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,860,280 shares of the semiconductor company’s stock valued at $79,659,000 after purchasing an additional 381,884 shares during the last quarter. Baillie Gifford & Co. grew its position in shares of Veeco Instruments by 58.9% in the third quarter. Baillie Gifford & Co. now owns 927,683 shares of the semiconductor company’s stock valued at $19,853,000 after purchasing an additional 343,839 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Veeco Instruments by 17.5% in the second quarter. Renaissance Technologies LLC now owns 1,441,237 shares of the semiconductor company’s stock valued at $40,138,000 after purchasing an additional 214,477 shares during the last quarter. Finally, Royce & Associates LP grew its position in shares of Veeco Instruments by 63.6% in the third quarter. Royce & Associates LP now owns 492,577 shares of the semiconductor company’s stock valued at $10,541,000 after purchasing an additional 191,500 shares during the last quarter. Hedge funds and other institutional investors own 98.60% of the company’s stock.
Several equities analysts have recently commented on the company. Benchmark reaffirmed a “buy” rating and issued a $33.00 target price on shares of Veeco Instruments in a research report on Thursday, October 5th. Zacks Investment Research raised Veeco Instruments from a “sell” rating to a “hold” rating in a research report on Thursday, October 5th. KeyCorp downgraded Veeco Instruments to a “hold” rating in a research report on Wednesday, October 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Veeco Instruments in a research report on Friday, November 3rd. Finally, BidaskClub downgraded Veeco Instruments from a “sell” rating to a “strong sell” rating in a research report on Thursday, December 7th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Veeco Instruments presently has an average rating of “Hold” and a consensus target price of $29.88.
Shares of Veeco Instruments Inc. (VECO) opened at $16.05 on Monday. The stock has a market capitalization of $775.25, a P/E ratio of -16.05 and a beta of 0.73. Veeco Instruments Inc. has a 12-month low of $10.85 and a 12-month high of $34.38. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.11 and a current ratio of 2.61.
Veeco Instruments (NASDAQ:VECO) last issued its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.16. The business had revenue of $131.87 million for the quarter, compared to the consensus estimate of $134.97 million. Veeco Instruments had a negative return on equity of 0.73% and a negative net margin of 10.16%. The firm’s quarterly revenue was up 54.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) earnings per share. analysts forecast that Veeco Instruments Inc. will post -0.01 EPS for the current fiscal year.
Veeco Instruments announced that its Board of Directors has initiated a share buyback program on Monday, December 11th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Veeco Instruments Profile
Veeco Instruments Inc is engaged in the design, development, manufacture and support of thin film process equipment, primarily sold to make electronic devices. The Company’s geographical segments include the United States; China; Europe, Middle East and Africa (EMEA), and Rest of World (ROW). The Company’s portfolio of technology solutions focus on market areas, including Lighting, Display & Power Electronics; Advanced Packaging, micro-electromechanical systems (MEMS) & radio frequency (RF); Scientific & Industrial, and Data Storage.
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